MEO Montello Resources Ltd (Tier2)

Montello Resources Ltd. ("Montello") (TSX VENTURE:MEO) - 

Further to Montello's press release of May 6, 2008 regarding a proposed
equalization arrangement, to be entered into between Montello and Nexgen
Petroleum Corporation, with respect to the Bowen Block (the "Bowen Lands and
Accompanying Assets") in Tennessee, Montello announces that it has revised the
equalization arrangement with Nexgen by virtue of an amending agreement dated
November 9, 2008 (the "Amended Agreement"). 


Prior to the Amended Agreement, and in accordance with contracts entered into
between Montello and Nexgen Petroleum Corporation, Nexgen had been granted an
option to acquire an undivided 15% working interest share of Montello's working
interest in the Bowen Block by paying Montello up to $1.25 Million (USD), to be
applied towards Montello's expenditures in the Highpoint Project. 


The Amended Agreement confirms that Nexgen has earned an undivided 7.5% working
interest in the Bowen Block and provides the opportunity for Nexgen with an
option to earn an additional undivided 7.5% working interest from Montello, by
making a onetime cash payment of USD $400,000 (the "Option Amount") to Montello.
The Option Amount must be paid on or before that date which is 90 days from the
service rig release date (the"Option Period"). The service rig is currently
being utilized to test and complete the Rome formation deep gas zone, in the
John Bowen No. 2 well. 


Any portion of the Option Amount which is paid by Nexgen during the Option
Period shall be applied to the pro-rata earning of the Bowen block working
interest from Montello. Where Nexgen elects to pay the entire Option Amount,
Nexgen shall own an undivided 15% working interest and Montello shall retain an
undivided 40% working interest in the Bowen Block. In the event that Nexgen does
not exercise its right, then its working interest shall remain fixed at an
undivided 7.5% working interest. 


On another matter, the Company has been advised by its legal counsel that
litigation is pending in the Morgan County, Circuit Court whereby Nabors
Drilling USA, LP (the "Plaintiff") is suing Montello Resources Ltd. USA, the
Company's wholly-owned subsidiary. The Plaintiff alleges that the sum of
$151,554.44 remains unpaid on an oil and gas well drilling contract. The Company
contends that all obligations with respect to the John Bowen #2 Well contract
being disputed were met in April, 2008. The Company intends to vigorously defend
itself against this allegation and action.


ON BEHALF OF THE BOARD OF DIRECTORS 

Montello Resources Ltd.

Peter C. Brown, President-CEO

All prospective and current shareholders of Montello Resources are invited to
join the company's official investment forum exclusively at Pinnacle Digest:
http://www.pinnacledigest.com/company/meo:ca. The forum allows for investor
controlled discussion, questions and progressive feedback from other
shareholders and investors. Third party reports on the company are also
available at www.pinnacledigest.com. Please also go to www.sedar.com for a
detailed list of all Montello's filings and to our web site www.montello.com for
articles, photos, previous news releases, financials, etc.


Reader Advisory: This news release contains certain forward-looking statements,
including management's operations and capital expenditures and the timing
thereof, that involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Corporation's control. The Corporation's actual
results, performance or achievements could differ materially from those
expressed in, or implied. Investors are cautioned that forward-looking
statements are inherently uncertain and involve risks and uncertainties that
could cause actual results to differ materially. There can be no assurances that
future developments affecting Montello will be those anticipated by management.
Furthermore any forward-looking statements contained in this news release are
made as at the date of this news release and the Corporation does not undertake
any obligation to update publicly or to revise them whether as a result of new
information, future events or otherwise, except as may be required by applicable
securities laws. We Seek Safe Harbour.

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